An interesting way to look at minimum wage.
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wrote on 21 Feb 2021, 14:41 last edited by Mik
Saw this as a meme, but it is worth considering. If a high school kid flipping burgers deserves $15 an hour, why isn’t the minimum social security payment $2400?
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wrote on 21 Feb 2021, 14:47 last edited by
Amen.
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wrote on 21 Feb 2021, 14:48 last edited by
And is flipping burgers for $15/hour in NYC the same as flipping burgers for $15/hour in Manitowoc?
If it's about "living wage," why isn't this point made?
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wrote on 21 Feb 2021, 14:49 last edited by
Seems easy: because one is work while the other one is not.
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wrote on 21 Feb 2021, 14:49 last edited by
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Only to you.
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wrote on 21 Feb 2021, 14:58 last edited by
They will need to raise it. The inflation would simply be untenable for them. And they will need to make the raises across the board as well as seniors savings will be wiped out.
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And is flipping burgers for $15/hour in NYC the same as flipping burgers for $15/hour in Manitowoc?
If it's about "living wage," why isn't this point made?
wrote on 21 Feb 2021, 14:59 last edited by@george-k said in An interesting way to look at minimum wage.:
And is flipping burgers for $15/hour in NYC the same as flipping burgers for $15/hour in Manitowoc?
If it's about "living wage," why isn't this point made?
That’s been my point for years. 30K a year would have me living like a king in Charleroi, PA and I would still be getting government bennies on top.
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wrote on 21 Feb 2021, 15:03 last edited by
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
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@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
wrote on 21 Feb 2021, 15:20 last edited by@mik said in An interesting way to look at minimum wage.:
Both are earned.
I would have been happy to not pay Social Security tax and put that money into a 401K or other retirement vehicle.
By the way, I don't know about other locations, but Chicago public school teachers don't pay into SS. They have their own retirement plan.
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@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
wrote on 21 Feb 2021, 15:36 last edited by@mik said in An interesting way to look at minimum wage.:
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
Yet one produces something, the other does not.
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@mik said in An interesting way to look at minimum wage.:
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
Yet one produces something, the other does not.
wrote on 21 Feb 2021, 15:53 last edited by@axtremus said in An interesting way to look at minimum wage.:
@mik said in An interesting way to look at minimum wage.:
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
Yet one produces something, the other does not.
That's exactly how I feel about your discussions with mik.
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@axtremus said in An interesting way to look at minimum wage.:
@mik said in An interesting way to look at minimum wage.:
@axtremus said in An interesting way to look at minimum wage.:
Seems easy: because one is work while the other one is not.
Wrong. Both are earned.
Yet one produces something, the other does not.
That's exactly how I feel about your discussions with mik.
wrote on 21 Feb 2021, 18:13 last edited by -
@mik said in An interesting way to look at minimum wage.:
Both are earned.
I would have been happy to not pay Social Security tax and put that money into a 401K or other retirement vehicle.
By the way, I don't know about other locations, but Chicago public school teachers don't pay into SS. They have their own retirement plan.
wrote on 21 Feb 2021, 18:21 last edited by@george-k said in An interesting way to look at minimum wage.:
@mik said in An interesting way to look at minimum wage.:
Both are earned.
I would have been happy to not pay Social Security tax and put that money into a 401K or other retirement vehicle.
By the way, I don't know about other locations, but Chicago public school teachers don't pay into SS. They have their own retirement plan.
I didn't pay SS, except on beginning jobs and side work through the years. As such, I am subject to the WEP.
The WEP makes you weep.
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wrote on 21 Feb 2021, 20:47 last edited by Mik
My brother has the same situation. While he has been self employed a lot and paying double, for 19 years he was a state employee at the university. His SS is pitiful.
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My brother has the same situation. While he has been self employed a lot and paying double, for 19 years he was a state employee at the university. His SS is pitiful.
wrote on 22 Feb 2021, 00:06 last edited by@mik said in An interesting way to look at minimum wage.:
My brother has the same situation. While he has been self employed a lot and paying double, for 19 years he was a state employee at the university. His SS is pitiful.
Oh, it gets worse.
My wife is subject to GPO. After I die, her survivor benefits will be $0.
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wrote on 22 Feb 2021, 00:12 last edited by
my dad has a Wisconsin state pension. I think it's six figures. My mom gets it after he passes, from what I understand. White privilege.
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wrote on 22 Feb 2021, 00:37 last edited by jon-nyc
Usually the people that are opted out of SS get more generous pensions from the municipality they’re working for.
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wrote on 22 Feb 2021, 00:57 last edited by
I think the max SS is about $47K per year. (max paid in + wait until age 70).
If the wife also gets max you can make about $95K on SS.
For the 2019 and 2020 tax years, single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If your combined income was more than $34,000, you will pay taxes on up to 85% of your Social Security benefits.
